Theresa May performs her cruellest U-turn yet in an extraordinary speech to the Bank of England [VIDEO]

Theresa May spoke to the Bank of England on the morning of 28 September. The Prime Minister used the opportunity to express her support for the failing policy of austerity. She told the bank that the UK must be tough on public spending and continue to promote free-market economics. She stated that the latter was the:

greatest agent of collective human progress ever created

and that:

we should never forget the immense value and potential of an open, innovative free market economy.

Her cruellest U-turn

Since coming to office in the wake of the July 2016 Brexit fiasco, May has earned a reputation for U-turning. She has repeatedly stated a position on something, such as calling a general election, or the dementia tax, then done the opposite. Now she appears to have changed her position on austerity.

At the beginning of her administration, she was championed by the right-wing media as a new kind of Conservative. She promised to create a “country that works for everyone” and look out for those who were ‘just about managing’. And in June 2017, her government signalled that it would end austerity.

This proved to be a false hope. She told the bank that under free-market economics:

Read on...

participation in cultural life is extended and more people have the chance to contribute

Yet during her fourteen months in power, funding cuts to emergency services, healthcare, and other public services have continued. This has taken place alongside the lowering of corporation tax paid by big business, which has been a keynote Conservative policy since 2010. As a result, Britain has become the most unequal society in Europe.

This is the neoliberal economic model, introduced by Margaret Thatcher and continued by Tony Blair. And May’s statement just confirmed her commitment to it.

A new mainstream?

Since the Thatcher era, neoliberalism remained unchallenged for many years. Voters had no choice. The elite became enriched, while the working classes found themselves reduced to zero-hours contracts and food-banks. Yet now an alternative does exist.

May’s statement to the Bank of England comes only a day after Jeremy Corbyn promised rent controls, re-nationalisation of key services and an end to ruinous austerity.

Never has Britain’s choice been so stark.

Get Involved!

Support us, so we can continue to bring you the news that matters.

– You can also read more Canary articles about austerity here.

Featured image via David Mirzoeff

We need your help to keep speaking the truth

Every story that you have come to us with; each injustice you have asked us to investigate; every campaign we have fought; each of your unheard voices we amplified; we do this for you. We are making a difference on your behalf.

Our fight is your fight. You’ve supported our collective struggle every time you gave us a like; and every time you shared our work across social media. Now we need you to support us with a monthly donation.

We have published nearly 2,000 articles and over 50 films in 2021. And we want to do this and more in 2022 but we don’t have enough money to go on at this pace. So, if you value our work and want us to continue then please join us and be part of The Canary family.

In return, you get:

* Advert free reading experience
* Quarterly group video call with the Editor-in-Chief
* Behind the scenes monthly e-newsletter
* 20% discount in our shop

Almost all of our spending goes to the people who make The Canary’s content. So your contribution directly supports our writers and enables us to continue to do what we do: speaking truth, powered by you. We have weathered many attempts to shut us down and silence our vital opposition to an increasingly fascist government and right-wing mainstream media.

With your help we can continue:

* Holding political and state power to account
* Advocating for the people the system marginalises
* Being a media outlet that upholds the highest standards
* Campaigning on the issues others won’t
* Putting your lives central to everything we do

We are a drop of truth in an ocean of deceit. But we can’t do this without your support. So please, can you help us continue the fight?

The Canary Support us

Comments are closed